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Rupee loses ground against $

MUMBAI: The rupee on Thursday lost fresh ground against the U.S. currency after soaring crude prices fuelled hectic dollar demand from oil corporates and halted a brief overnight sharp rally in range-bound trading at the interbank foreign exchange market.

Closing at 45.11/12 a dollar, the rupee fell by 1-1/2 paisa from Wednesday's close of 45.0950/1050 after it was confined to a tight band of 45.08 and 45.12 in mostly nervous dealings.

The rupee, however, opened on a firm note at 45.08/10, reflecting the dollar's sustained slide against major global rivals, mainly the euro. The domestic currency had rallied smartly by ten paise on Wednesday after Standard & Poor's move to raise the outlook on India's rating to `positive' from `stable'. PTI